Bitcoin and Cardano’s ADA – Weekly Technical Analysis – February 8th, 2021
A mixed start to the week saw Bitcoin fall to a Monday intraweek low $32,333.0 before making a move.
While steering clear of the first major support level at $28,710, Bitcoin fell through the 23.6% FIB of $33,008.
Finding support on the day, Bitcoin rallied to a Saturday intraweek high $40,900.0.
Bitcoin broke back through the 23.6% FIB and broke through the first major resistance level at $38,138.
In spite of a pullback from $40,000 levels, Bitcoin avoided a fall back through the first major resistance level.
5 days in the green that included a 5.99% rally on Tuesday and a 5.87% gain on Wednesday delivered the upside for the week.
For the week ahead
Bitcoin would need to avoid a fall through the $37,357 pivot to support a run the first major resistance level at $42,380.
Support from the broader market would be needed for Bitcoin to break out from 8th January’s swing hi $41,969.0.
Barring an extended crypto rally, the swing hi and the first major resistance level would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $45,924.
Failure to avoid a fall through the $37,357 pivot would bring the first major support level at $33,813 into play.
Barring an extended sell-off, Bitcoin should steer clear of the 23.6% FIB of $33,008. The second major support level sits at $28,790.
At the time of writing, Bitcoin was down by 1.98% to $38,069.0. A mixed start to the week saw Bitcoin rise to an early Monday high $39,150.0 before falling to a low $37,947.0.
Bitcoin left the major support and resistance levels untested at the start of the week.